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Under certain circumstances it is possible to sacrifice part of your salary in exchange for a non-cash benefit. Now that HMRC are increasing the income tax burden of the higher paid -a 50% income tax on income over £150,000 and progressive loss of personal allowance when your income exceeds £100,000 – the idea of . . . → Read More: Salary Sacrifice During the next two months those involved with payrolls will be working to prepare the forms P11D which advise HMRC of benefits paid to employees and directors. If your business provides any sort of beneficial payment or gift of goods to employees, generally speaking these are reportable on form P11D and most will be . . . → Read More: Benefits in kind, making your life easier Accountants can offer your business a range of services from basic bookkeeping to specialist business advice. They can save you time and help to make your business more profitable. How an accountant can help. If you run a business, you are legally required to: Keep certain records, for example PAYE and VAT. This involves . . . → Read More: Choosing An Accountant The guardian has produced an article about starting a business during a recession. It includes: writting a business plan, getting finance, developing a survival strategy, getting noticed and working from home. To read the article in full follow the link: http://www.guardian.co.uk/money/2009/sep/19/starting-a-business PAYE is the system that HMRC uses to collect Income Tax and National Insurance contributions from employees’ pay as they earn it. As an employer, you will have to deduct tax and NICs from your employees pay each pay period and pay Employer’s Class 1 NICs if they earn above a certain threshold. Employers’ . . . → Read More: PAYE For Employers In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you money and time. Some of the schemes have been designed for specific trade sectors, some to deal with more generic business issues and some schemes can be used together. Annual Accounting Schemes Using this . . . → Read More: VAT Accounting Schemes By law all businesses are required to keep records relating to it. Keeping good records has its advantages: It saves time, and money, whenever you need figures to back you up. Confident that you will only pay tax you owe. Keeps you up to date with how much you owe and you are owed. . . . → Read More: Setting Up a Bookkeeping System Choosing the right business premises is another key decision that needs to be made. The premises need to help you operate effectively without excessive costs. You also want to avoid being tied to premises that may not suit you in the future. Choosing the right location can be a bit of a balancing act. . . . → Read More: Choosing the Right Premises for your Business Every new business will require large amounts of money to buy equipment, establish the workplace and meet marketing costs, all before the first sale is made. There are a range of financing options available, these include using your own money, borrowing from banks, family and friends. Using Your Own Money It is likely that . . . → Read More: Choosing the Right Finance When Starting Up Choosing a name for your business is a creative and enjoyable process. It is also one that needs to be right as customers may infer a lot from your business name and first impressions count. Creating the Right Impression The business name will be the cornerstone of your brand. It should work well wherever . . . → Read More: Choosing the Right Name for Your Business |
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